Weegy: Monopolistic competition is a form of imperfect competition where many competing producers sell products that are differentiated from one another (that is, the products are substitutes but, because of differences such as branding, not exactly alike). [ ] User: If a perfectly competitive firm increases production from 10 units to 11 units, and the market price is $20 per unit, total revenue for 10 units is: User: The demand curve facing a monopolist is: User: Most electric, gas, and water companies are examples of: User: Most electric, gas, and water companies are examples of:
A. unregulated monopolies.
B. natural monopolies.
C. restricted-input monopolies.
D. sunk-cost monopolies.
User: natural monopolies Weegy: A monopoly describes a situation where a majority of sales in a market are undertaken by a single firm. [ A natural monopoly by contrast is a condition on the cost-technology of an industry whereby it is most efficient (involving the lowest long-run average cost) for production to be concentrated in a single firm. In some cases, this gives the largest supplier in an industry, often the first supplier in a market, an overwhelming cost advantage over other actual and potential competitors. This tends to be the case in industries where capital costs predominate, creating economies of scale that are large in relation to the size of the market, and hence high barriers to entry; examples include public utilities such as water services and electricity. ] User: If a perfectly competitive firm is producing a quantity that generates P > MC, then profit: (More)